NO.PZ202301100100000104
问题如下：
Based on the direct capitalization method, the appraiser’s current value of the
New York City office building is closest to:
选项：
A.$249,600,000.
$271,300,000.
$297,100,000.
解释：
C is correct. The value of a property = NOI/(r − g), where r = the discount rate (required return) and g = the growth rate for income (given constant growth in income, value will grow at the same rate). Therefore, the building’s value is calculated as follows: $15,600,000/(5.75% – 0.50%) = $297,142,857 ($297,100,000 rounded).
A is incorrect because a property value of $249,600,000 is incorrectly calculated as follows: $15,600,000/(5.75% + 0.50%) = $249,600,000.
B is incorrect because a property value of $271,300,000 is incorrectly calculated
as follows:
$15,600,000/5.75% = $271,300,000.
老师好，我不明白为啥IRR就是Re，cap rate是收益率的概念，IRR也是收益率的概念，我以为IRR就是cap rate。您可以指出我的错误并解释一下吗？谢谢！
